Databricks, the big-data analytics firm led by Ali Ghodsi, found itself in an enviable position when seeking to raise $1 billion but instead ended up with $5 billion at a valuation of $190 billion. The company was caught off guard by the sudden influx of interest from investors after The Information published an article about its fundraising efforts during a busy conference.

Despite already raising $20 billion in 20 months, Databricks had to issue more shares due to the overwhelming demand. Its core product, a cloud data warehouse, is performing well with over $7 billion of annualized revenue growth at 80%. Additionally, its AI tools like Lakebase and Genie are proving popular.

The decision to close this massive round at a high valuation demonstrates the changing landscape in tech fundraising, where $1 billion rounds are now seen as small. For Databricks, the focus remains on investing heavily in AI research and acquisitions while keeping the company private for now.

As Ghodsi mulls over an eventual public offering, the current strategy of raising funds privately allows him to maintain control and ensure the company’s continued growth without the pressures of quarterly reporting and shareholder expectations.